Tishman Speyer’s TS Communities will bring a fully-affordable residential building to 160 Van Cortlandt Park South in Kingsbridge, The Bronx. TS Communities recently announced it has secured financing and will begin construction in January on the eight-story development designed by Aufgang Architects. The development will be built to Enterprise Green sustainable design standards.
The 279,000-square-foot building will house 339 apartments, including a super’s unit, ranging from studios to three-bedrooms. Fifty-three apartments will provide supportive housing for formerly homeless individuals and 285 units will be designated affordable housing for households earning between 40 percent to 105 percent of Area Median Income (AMI).
Resident and community amenities within the development includes a shared laundry room, a fitness room, two recreation rooms, and a rooftop terrace.
TS Communities closed on approximately $222 million of total financing provided via tax-exempt bonds, subsidy loans from the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, and low-income housing tax credit equity. The Urban Investment Group at Goldman Sachs Alternatives will provide the letter of credit, and Hudson Housing Capital will provide an equity investment from the purchase of low-income housing tax credits.
Located directly across from Van Cortlandt Park, the development site spans an entire city block bordered by Van Cortlandt Park South, Review Place, West 239th Street, and Putnam Avenue West, and is within walking distance to the 1 train and numerous bus lines.
Construction is expected to be completed in 2027.
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Perfect location for a couple highrises.